Though the Principality of Montenegro (Crna Gora) had been independent since the Congress of Berlin in 1878, it acquired its own money only at the beginning of the 20th century. Up till then foreign money circulated on its territory – in the 19th century, of various states, and at the end of the 19th century and beginning of 20th century – mainly Austrian. In the mid 19th century, Bishop Prince Petar Petrovic Njegos had planned to issue money and the law the foundations of a Montenegrin monetary system, but this project got no further than trial minting.
The first coins of nickel and copper were struck on the order of Prince Nicholas (Knjaz Nikola) issued on April 11. 1906, the Law of Money not being passed until December 1910. This officially linked the Montenegrin perper with the “crown course”. The minting of Montenegrin coins according to the crown course, and not according to the rules of the Latin Union may have been a consequence of Montenegro’s orientation towards Austria at this time, and perhaps also of the prince’s personal wish. The mentioned law confirmed the perper as the Montenegrin monetary unit and placed it on the gold standard.
Montenegro acquired paper money in 1912. It should be added at once that Montenegro never had banknotes but only bills of payment. However, these were accepted and exchanged just as if they were banknotes. As was the case with the first issue of Serbian paper money, in Montenegro it was first printed to cover the costs of a war with Turkey. These bills were not issued by the Bank but by the Ministry of Finance and Building.
In the World War I, as in Serbia, the occupation authorities ordered Montenegrin paper money to be over stamped. This was done on 1914 notes, both issues. There is a well known example of a 1912 one perper note that was also over stamped, but this was obviously a slip by the person doing the stamping, since the issue was no longer valid by then.
10.14.2010
10.10.2010
Serbian Money during the World War I
The outbreak of the First World War caused a disturbance in money circulation in the Kingdom of Serbia. A shortage of small coins, particularly silver, was immediately felt. The bank put in circulation almost all its reserves of silver money, but since this was not sufficient, at the beginning of 1915, silver coins of 2, 1 and 0.5 dinars, to the value of fifteen million dinars were ordered in France.
Later on, nickel coins of 20, 10 and 5 paras to the value of ten million dinars were ordered. The date of issue stamped on these nickel coins is 1917. Very few of these issues were put in circulation.
Certain curiosities among these coins have appeared: 5, 10 and 20 paras coins struck in gold. A gold coin of 20 dinars was also in circulation in 1917. Where and on whose orders they were struck, and the fact that owners brought them from Salonica in 1918 have not yet been explained.
During the early war years the National Bank of Serbia more or less exhausted its monetary reserves. Taking precautions in case that the ordered banknotes from France should be delivered late, in 1915 the National Bank of Serbia altered the 20 dinar note issued in 1905 which was redeemable in gold, keeping the same denomination but making it redeemable in silver. The alteration rounded corners. In the meantime, a 50 dinar note was issued, redeemable in silver, designed by the artist Beta Vukanovic.
As the Serbian army retreated southward, is was accompanied by a large number of refugees who suffered great hardship. In the town of Prizren, a Local Committee for Aid to the Needy was set up, which in October 1915 issued 0.50 dinar banknotes payable in silver. These were distributed among the refugees so that they could purchase essentials.
While it was in Greece, the Government ordered a 5 dinar note, redeemable in silver, in France. Printing began on September 1, 1916, according to the French system, which means that the notes bore the date of the day on which they were actually printed. The last day of printing of this issue was 18.9.1918.
In occupied Serbia, occupation money was mainly in circulation: crowns, marks and levs. To establish how much Serbian money was in the country, and prevent the possible import of new banknotes, the occupation authorities in Serbia ordered the stamping of notes. This was done with an overall stamp with the text: “K.U.K. MILITAR GENERAL GOUVERMENT IN SERBIEN. KREISKOMMNDO”. Along the lower edge was the name of the place where the stamping was performed. The stamp imprint was placed on both sides of the notes. Stamping is known to have been carried out in twelve places.
Later on, nickel coins of 20, 10 and 5 paras to the value of ten million dinars were ordered. The date of issue stamped on these nickel coins is 1917. Very few of these issues were put in circulation.
Certain curiosities among these coins have appeared: 5, 10 and 20 paras coins struck in gold. A gold coin of 20 dinars was also in circulation in 1917. Where and on whose orders they were struck, and the fact that owners brought them from Salonica in 1918 have not yet been explained.
During the early war years the National Bank of Serbia more or less exhausted its monetary reserves. Taking precautions in case that the ordered banknotes from France should be delivered late, in 1915 the National Bank of Serbia altered the 20 dinar note issued in 1905 which was redeemable in gold, keeping the same denomination but making it redeemable in silver. The alteration rounded corners. In the meantime, a 50 dinar note was issued, redeemable in silver, designed by the artist Beta Vukanovic.
As the Serbian army retreated southward, is was accompanied by a large number of refugees who suffered great hardship. In the town of Prizren, a Local Committee for Aid to the Needy was set up, which in October 1915 issued 0.50 dinar banknotes payable in silver. These were distributed among the refugees so that they could purchase essentials.
While it was in Greece, the Government ordered a 5 dinar note, redeemable in silver, in France. Printing began on September 1, 1916, according to the French system, which means that the notes bore the date of the day on which they were actually printed. The last day of printing of this issue was 18.9.1918.
In occupied Serbia, occupation money was mainly in circulation: crowns, marks and levs. To establish how much Serbian money was in the country, and prevent the possible import of new banknotes, the occupation authorities in Serbia ordered the stamping of notes. This was done with an overall stamp with the text: “K.U.K. MILITAR GENERAL GOUVERMENT IN SERBIEN. KREISKOMMNDO”. Along the lower edge was the name of the place where the stamping was performed. The stamp imprint was placed on both sides of the notes. Stamping is known to have been carried out in twelve places.
9.26.2010
Serbian medieval coinage
Serbian state, already organized in the second half of twelfth century, was developing quickly during thirteen and fourteen centuries, so that in 1217 it became a kingdom and in 1346 an empire. Extension of the territories and growth of accompanied by development of trade, and consequently a need for money and its mintage. Due to the numerous silver mines like Brskovo, Rudnik, Novo Brdo, Plana, Srebrenica, Rudište and work of the nearby mints, the minting of Serbian medieval coins continued from the end of twelfth century until 1459, the year when Serbia lost its sovereignty. From that year, when the last Serbian medieval coins were minted, four centuries would past before the first coins of a renewed Serbia appeared again.
A chronology of the Serbian medieval money comprises a great number of issues by the Serbian kings, emperors, feudal lords and despots. Although numerous types of money, with different images and motives on the heads and the image of Christ on the tails reflect a spirit of the Byzantine and West-European monetary tradition, some of these coins are true examples of an original national currency.
Although “Serbian dinars” are first mentioned in the archival documents dating as early as 1214, as far as it is known there is no any numismatic piece to prove that such coins really existed. The data refer to King Radoslav (1228-1234) and his copper and silver coins, belonging to the oldest period of the Serbian coinage. Although these coins were made after the Byzantine coins of that time called “scyphate”, which can be easily seen in their shape, images and inscriptions in Geek, these coins were made in the mint working in the fortified medieval town of Ras, on the territory of Serbian state.
In the middle of thirteen century, other shapes, influenced by the great role that Republic of Venice had in the Mediterranean trade, led to the coinage of a new money. First issues of this currency were connected to King Dragutin (1267-1316) and opening of the mint in Brskovo mine on the Tara mountain. These coins, with an image of ruler and saint shown in the standing position, and a Latin inscription of the ruler’s title, were minted in Serbia for a long time, as the later kings, Milutin (1282-1321) and Stefan Dečanski (1321-1331) continued to mint the same currency. Influenced by the cultural and political spirits arriving from the South Italy and Hungary, the western monetary tradition led to a new monetary type. It belongs to time of King Dragutin, and has an image of the King-warrior, sitting on the throne with a sword across his knees; this coin is a sort of link connecting several generations of rulers who continued to mint these coins until Serbia ceased minting its money. By a new coinage, King Dragutin introduced an important innovation into money minted by the Serbian kings. It was a legend “Stefan rabh Hristou”, the first Cyrillic inscription in Serbian numismatics that frames the image of ruler standing with a scepter in his hand.
Influence of the Western medieval tradition on Serbian coinage, although obvious and very important, was marginal in that great era when Serbia was flourishing under influence of the Byzantine political ideas and culture, which also effected its monetary policy. A wave of Greek ideas, evident in an earlier period during reign of King Milutin, spread in time of Stefan Dušan (1331-1355). After conquering a great part of the Bulgarian and Byzantine territories, and proclaiming himself Emperor in 1346, with a haughty title of the “Emperor of the Serbs, Greeks and Bulgarians” Emperor Dušan, resolute to become a future Byzantine emperor, conveyed all splendor of the Byzantine court to Serbia, and adapted his various images on the coins after the Byzantine fashion. The Latin, namely Cyrillic inscription of the emperor’s title, frames his images on the coins, where he is shown as sitting on the throne, riding a horse, in the coronation scene, or together with his Empress. In all these images, duly propagating the Emperor’s ideology, the first Serbian Emperor is shown in an attire and with insignia that Byzantine Emperors were invested with at coronation and bearing at the formal ceremonies. Knowing that money, as means of trade outside Serbian borders could be used to make its ruler, his victories and power of a new Empire more popular, thirteen monetary types were minted in three mining centers – Brskovo, Rudnik and Novo Brdo. With the biggest money production in the medieval Serbia, Dušan’s dinars and half-dinars, made of high quality silver and using a skillful molding technique, belonged to the higher European money standard of that time.
Even in time of the Empire, it was a known practice of feudal lords – despot Jovan Oliver and King Vukašin – to usurp the exclusive right of the ruler to mint coins, and the same tendency continued in a great measure after the fall. In this period, in the mints of Rudnik and NovoBrdo, numerous money issues were minted by the Serbian lords from King Vukašin’s and Branko Mladenović’s families, župan Gropa, chieftain Smil, the sevastokrators Vlatko, Jakov, Rig, the patriarchs and the towns. Although in most cases these coins, by their iconography, were connected to the earlier monetary types, some new issues appeared. Such were the coins of Prince Lazar (1371-1389) and Vuk Branković (1371-1376); first, showing standing Prince, has a legend of his title in Italian, and the other one, without ruler’s image, for the first time bears inscription “vlkov dinar”, the name of Serbian currency. With fall of Empire and closing down of the emperor’s mints, as well as Turkish occupation of almost all parts of the Nemanjić’s Serbia, the feudal lords ceased to mint their money.
During short period in which the Turkish expansion was held back, and the state began reorganizing after the Kosovo battle Serbia started again to mint its coins. This time is characterized by numerous money issues by the Serbian despots – Stefan Lazarević (1389-1427) and Djuradj Branković (1428-1455). By their aesthetic quality, the quality of mint, and diversity of the motives, these issues occupy a distinguished place in the Serbian numismatics. Best example are the samples with stylized images of lions or amazingly realistic portrait of the ruler on the coins minted by despot Djuradj. With the last issue of these coins, minted in the Novo Brdo, Smederevo and Rudišta mints until despot’s death, and with fall of the Serbian state in 1459, minting of the Serbian medieval coins finally met its end.
A chronology of the Serbian medieval money comprises a great number of issues by the Serbian kings, emperors, feudal lords and despots. Although numerous types of money, with different images and motives on the heads and the image of Christ on the tails reflect a spirit of the Byzantine and West-European monetary tradition, some of these coins are true examples of an original national currency.
Although “Serbian dinars” are first mentioned in the archival documents dating as early as 1214, as far as it is known there is no any numismatic piece to prove that such coins really existed. The data refer to King Radoslav (1228-1234) and his copper and silver coins, belonging to the oldest period of the Serbian coinage. Although these coins were made after the Byzantine coins of that time called “scyphate”, which can be easily seen in their shape, images and inscriptions in Geek, these coins were made in the mint working in the fortified medieval town of Ras, on the territory of Serbian state.
In the middle of thirteen century, other shapes, influenced by the great role that Republic of Venice had in the Mediterranean trade, led to the coinage of a new money. First issues of this currency were connected to King Dragutin (1267-1316) and opening of the mint in Brskovo mine on the Tara mountain. These coins, with an image of ruler and saint shown in the standing position, and a Latin inscription of the ruler’s title, were minted in Serbia for a long time, as the later kings, Milutin (1282-1321) and Stefan Dečanski (1321-1331) continued to mint the same currency. Influenced by the cultural and political spirits arriving from the South Italy and Hungary, the western monetary tradition led to a new monetary type. It belongs to time of King Dragutin, and has an image of the King-warrior, sitting on the throne with a sword across his knees; this coin is a sort of link connecting several generations of rulers who continued to mint these coins until Serbia ceased minting its money. By a new coinage, King Dragutin introduced an important innovation into money minted by the Serbian kings. It was a legend “Stefan rabh Hristou”, the first Cyrillic inscription in Serbian numismatics that frames the image of ruler standing with a scepter in his hand.
Influence of the Western medieval tradition on Serbian coinage, although obvious and very important, was marginal in that great era when Serbia was flourishing under influence of the Byzantine political ideas and culture, which also effected its monetary policy. A wave of Greek ideas, evident in an earlier period during reign of King Milutin, spread in time of Stefan Dušan (1331-1355). After conquering a great part of the Bulgarian and Byzantine territories, and proclaiming himself Emperor in 1346, with a haughty title of the “Emperor of the Serbs, Greeks and Bulgarians” Emperor Dušan, resolute to become a future Byzantine emperor, conveyed all splendor of the Byzantine court to Serbia, and adapted his various images on the coins after the Byzantine fashion. The Latin, namely Cyrillic inscription of the emperor’s title, frames his images on the coins, where he is shown as sitting on the throne, riding a horse, in the coronation scene, or together with his Empress. In all these images, duly propagating the Emperor’s ideology, the first Serbian Emperor is shown in an attire and with insignia that Byzantine Emperors were invested with at coronation and bearing at the formal ceremonies. Knowing that money, as means of trade outside Serbian borders could be used to make its ruler, his victories and power of a new Empire more popular, thirteen monetary types were minted in three mining centers – Brskovo, Rudnik and Novo Brdo. With the biggest money production in the medieval Serbia, Dušan’s dinars and half-dinars, made of high quality silver and using a skillful molding technique, belonged to the higher European money standard of that time.
Even in time of the Empire, it was a known practice of feudal lords – despot Jovan Oliver and King Vukašin – to usurp the exclusive right of the ruler to mint coins, and the same tendency continued in a great measure after the fall. In this period, in the mints of Rudnik and NovoBrdo, numerous money issues were minted by the Serbian lords from King Vukašin’s and Branko Mladenović’s families, župan Gropa, chieftain Smil, the sevastokrators Vlatko, Jakov, Rig, the patriarchs and the towns. Although in most cases these coins, by their iconography, were connected to the earlier monetary types, some new issues appeared. Such were the coins of Prince Lazar (1371-1389) and Vuk Branković (1371-1376); first, showing standing Prince, has a legend of his title in Italian, and the other one, without ruler’s image, for the first time bears inscription “vlkov dinar”, the name of Serbian currency. With fall of Empire and closing down of the emperor’s mints, as well as Turkish occupation of almost all parts of the Nemanjić’s Serbia, the feudal lords ceased to mint their money.
During short period in which the Turkish expansion was held back, and the state began reorganizing after the Kosovo battle Serbia started again to mint its coins. This time is characterized by numerous money issues by the Serbian despots – Stefan Lazarević (1389-1427) and Djuradj Branković (1428-1455). By their aesthetic quality, the quality of mint, and diversity of the motives, these issues occupy a distinguished place in the Serbian numismatics. Best example are the samples with stylized images of lions or amazingly realistic portrait of the ruler on the coins minted by despot Djuradj. With the last issue of these coins, minted in the Novo Brdo, Smederevo and Rudišta mints until despot’s death, and with fall of the Serbian state in 1459, minting of the Serbian medieval coins finally met its end.
7.22.2010
Modern money in Serbia
The monetary system of the restored state of Serbia began to be created towards the end of the second reign of Prince Michael Obrenovic (Knjaz Mihailo). By the mid 19th century, there where forty three types of foreign money in circulation. Since this caused difficulty in exchange, the inhabitants of Serbia called for a domestic currency that would replace the foreign. An even stronger reason for this was of a political character: the issue of a domestic currency would further strengthen morale in a country still striving for its complete independence.
Although the Sultan’s hatti-sheriff did not give the right to mint money, Prince Michael sent his finance minister Kosta Cukic to Vienna in February 1868 to negotiate the striking of the first Serbian money. A decision of March 15 the same year provided for the minting of copper coins of three denominations: one, five and ten paras. Since the money was not ready by the agreed time (May), Prince Michael, who was killed on May 29, 1868 did not live to see it in circulation. The first consignment of domestic money was not delivered until the beginning of 1869, and was put in circulation on February 20 the same year, gradually replacing the Austrian and Turkish small coins.
Though the value of the small coins minted came to less than a million dinars, this was an encouraging start. In 1875, the first Serbian silver coins in denominations of fifty paras and one and two dinars were issued. There was lengthy discussions about the name to be given to this monetary unit, the proposal that it should be called “srbljak” being finally rejected in favour of the name dinar.
In 1879, the first gold coin “milandor” was minted, weighing 6.45 grams and with a value of twenty dinars. In the same year coins of five, ten and fifty paras, and one, two and five dinars were struck.
In this way, within a short time Serbia formed its national currency, adopting the standards of the Latin union.
Two years after the release of the first Serbian copper coins, an official proposal for the printing of paper money in Serbia was submitted to the assembly in Kragujevac. The minister of finance considered this matter and asked for the opinions of various institutions about it, but because of differences a decision was long deferred. It was not until January 1876, at a secret meeting of the Ministerial Council, that a legal decision was passed authorizing the printing and issue of bank notes to the value of twenty four million dinars, as one of the measures to cover the costs of the planned war with Turkey. At that time the necessary printing material was obtained abroad, and while the quality of the paper and machines was being tested, about one thousand five hundred notes of various denominations were printed. It is believed that the designs for these were the work of the painter Djura Jaksic. This first issues was not completed or put in circulation.
The developing economy, increased investment and state needs led to the founding of the Privileged National Bank of the Kingdom of Serbia in 1884. This created conditions for Serbia to begin issuing banknotes, and in the same year there was an issue of one hundred dinar notes, redeemable in gold, printed in Belgium.
However, the people were accustomed to metal money and had no confidence in paper. As soon as a person received a banknote in a bank, he would go straight to another counter and exchanged it for gold. Consequently, the first official Serbian banknotes circulated only within the bank buildings. The same happened with the fifty dinar notes issued the following year. It was not until the ten dinar note, redeemable in silver, was issued in 1885 that paper money gained the confidence of the population and began to circulate.
Although the Sultan’s hatti-sheriff did not give the right to mint money, Prince Michael sent his finance minister Kosta Cukic to Vienna in February 1868 to negotiate the striking of the first Serbian money. A decision of March 15 the same year provided for the minting of copper coins of three denominations: one, five and ten paras. Since the money was not ready by the agreed time (May), Prince Michael, who was killed on May 29, 1868 did not live to see it in circulation. The first consignment of domestic money was not delivered until the beginning of 1869, and was put in circulation on February 20 the same year, gradually replacing the Austrian and Turkish small coins.
Though the value of the small coins minted came to less than a million dinars, this was an encouraging start. In 1875, the first Serbian silver coins in denominations of fifty paras and one and two dinars were issued. There was lengthy discussions about the name to be given to this monetary unit, the proposal that it should be called “srbljak” being finally rejected in favour of the name dinar.
In 1879, the first gold coin “milandor” was minted, weighing 6.45 grams and with a value of twenty dinars. In the same year coins of five, ten and fifty paras, and one, two and five dinars were struck.
In this way, within a short time Serbia formed its national currency, adopting the standards of the Latin union.
Two years after the release of the first Serbian copper coins, an official proposal for the printing of paper money in Serbia was submitted to the assembly in Kragujevac. The minister of finance considered this matter and asked for the opinions of various institutions about it, but because of differences a decision was long deferred. It was not until January 1876, at a secret meeting of the Ministerial Council, that a legal decision was passed authorizing the printing and issue of bank notes to the value of twenty four million dinars, as one of the measures to cover the costs of the planned war with Turkey. At that time the necessary printing material was obtained abroad, and while the quality of the paper and machines was being tested, about one thousand five hundred notes of various denominations were printed. It is believed that the designs for these were the work of the painter Djura Jaksic. This first issues was not completed or put in circulation.
The developing economy, increased investment and state needs led to the founding of the Privileged National Bank of the Kingdom of Serbia in 1884. This created conditions for Serbia to begin issuing banknotes, and in the same year there was an issue of one hundred dinar notes, redeemable in gold, printed in Belgium.
However, the people were accustomed to metal money and had no confidence in paper. As soon as a person received a banknote in a bank, he would go straight to another counter and exchanged it for gold. Consequently, the first official Serbian banknotes circulated only within the bank buildings. The same happened with the fifty dinar notes issued the following year. It was not until the ten dinar note, redeemable in silver, was issued in 1885 that paper money gained the confidence of the population and began to circulate.
7.11.2010
The beginning of mining and the economic growth of Serbia
The mining production in Serbia begun before mid-13th century, while its promoters were German miners Saxons. They have started mining works firstly in Brskovo (1254), the place on the Tara River, near today’s town of Mojkovac. By the end of XIII and the beginning of XIV century Brskovo grew into the best known mining and trade center of the Serbian state. It was the time when, owing to the activities of the Saxons, mines in other parts of the Serbian state were opened. After Brskovo, the intensive mining started in Rudnik (1293), the mining place at the mountain of the same name in Sumadija. About the same time, the mines in Kosovo and Metohija, Kopaonik and central Podrinje were opened. The beginning of the mining in Serbia was a great turning point. Serbian economy, which had been based on agriculture and cattle rising until the mid-13th century, completely changed its character by the development of mining. It strongly influenced the trade exchange, offering it new content and stimulus. The mines became center of trade, while the mining products soon reached the first place in Serbian export. Therefore, intensive exploitation of silver, lead and cooper, coin minting in wide issues, presence of the greater numbers of foreigners, the growth of the exchange and traffic with coastal towns contributed to the overall development of trade, which Serbia felt in the second part of XIII and at the beginning of XIV century. These were the bases for further development of economy, as well as politics, society and culture in Serbia.
2.06.2010
ĐURĐE I BALŠIĆ IN THE LIGHT OF COINAGE
The name of the Balšić feudal family was mentioned for the first time in 1360, in a charter of Serbian emperor Uroš. They have ruled Serbian mediaeval district of Zeta more than a half century (1365-1421). Their coinage is scarce; it is believed that only 260 pieces of coins minted by members of this family survived altogether.
As for the coinage of Đurđe (George) I Balšić, the most prominent member of this family, it could be divided in seven groups. Type I is represented by AR Dinar, 1.04 g, dia. 18 mm. It has on obverse inscription in four lines, and on reverse image of Christ sitting on the throne with high back. Coins of type II are represented by AR Dinar of 0.97 g and 18 mm, with inscription in four lines on obverse and Serbian coat of arms of Rascia on reverse. AR Dinars of Type III also have inscription in old Serbian Cyrillic letters in four lines on obverse, and head of the wolf and helmet on reverse, with initial „G“, while Type IV has inscription in five lines on obverse, on reverse head of the wolf, a helmet and name „Gyurg“ in Cyrillic’s. Coins belonging to Type V are represented by AR Dinars which are 18-19 mm in diameter, having inscription in five lines on obverse and head of the wolf differently designed than at the previous species. The only known piece (in the Museum of Slavonia in Osijek) is damaged; it has only 2/3 of its surface. The newly discovered Type VI, or variety of the 4th and the 5th type, represents the piece that is described and illustrated for the first time in this article, and it is the only known piece of that kind up to now. It is AR Dinar, 0.7 g, diameter 17 mm, with inscription in five lines on obverse (same as type IV), and the same reverse as type V, but due to the good condition we can see now the complete design of that reverse type. Finally, coins of Type VII are represented by AR Dinar of smallest size (0.5g, 10 mm). The only known piece arise from the Lj. Kovačević collection, now in the National Museum in Belgrade.
As for the coinage of Đurđe (George) I Balšić, the most prominent member of this family, it could be divided in seven groups. Type I is represented by AR Dinar, 1.04 g, dia. 18 mm. It has on obverse inscription in four lines, and on reverse image of Christ sitting on the throne with high back. Coins of type II are represented by AR Dinar of 0.97 g and 18 mm, with inscription in four lines on obverse and Serbian coat of arms of Rascia on reverse. AR Dinars of Type III also have inscription in old Serbian Cyrillic letters in four lines on obverse, and head of the wolf and helmet on reverse, with initial „G“, while Type IV has inscription in five lines on obverse, on reverse head of the wolf, a helmet and name „Gyurg“ in Cyrillic’s. Coins belonging to Type V are represented by AR Dinars which are 18-19 mm in diameter, having inscription in five lines on obverse and head of the wolf differently designed than at the previous species. The only known piece (in the Museum of Slavonia in Osijek) is damaged; it has only 2/3 of its surface. The newly discovered Type VI, or variety of the 4th and the 5th type, represents the piece that is described and illustrated for the first time in this article, and it is the only known piece of that kind up to now. It is AR Dinar, 0.7 g, diameter 17 mm, with inscription in five lines on obverse (same as type IV), and the same reverse as type V, but due to the good condition we can see now the complete design of that reverse type. Finally, coins of Type VII are represented by AR Dinar of smallest size (0.5g, 10 mm). The only known piece arise from the Lj. Kovačević collection, now in the National Museum in Belgrade.
11.07.2009
Monetary system in medieval Serbia
Monetary system in medieval Serbia rested on the exploitation of rich mines which in the course of the entire period of the minting of coins represented their foundation. The production of silver had an important part in profit making, but exerted a negative impact on the development of local economy. It evolved slowly, because many items were purchased somewhere else at cheap silver. Precious metal in the form of ingots and coins were exported to Venice, for the most part through the mediation of Dubrovnik merchants. Silver was exported without fulfilling its basic monetary function.
The first Serbian coins of King Radoslav and the renewed coinage in the time of King Dragutin rested on the monetary systems of their respective epochs: the coins of King Radoslav on the Byzantine monetary system, and the one of King Dragutin on the Venetian system, representing the main monetary unit on these territories. With the passage of time, money of account developed on the basis of the perpero with the value of 12 grossi. During the entire period, the monetary system was under constant pressure for numerous reasons, such as the devaluation of the dinar for financing a budget deficit, an increasing demand for coins, payments in coins, etc. it was also influenced by external factors mirrored in the disappearance of silver from circulation and its outflow, the general trend of the deterioration of coins, fluctuation between the prices of gold and silver, etc. An important role was certainly played by non-monetary factors, which primarily include: diminishing of territories, the problem of population density, climate conditions, plague, prices, trade decline, reconversion of trade – decline in the export of one article and its replacement by a new, more perfect one, and many others. Due to numerous pressures, the value of Serbian coins from the beginning of their minting in 1276 to the beginning of the 15th century constantly declined with lesser or larger oscillations; from theoretical 2.178 g it was reduced to only 0.40 g. On the other hand, this mutation of the dinar was followed by the gradual decline in the monetary stock. This process began in the time of the Emperor Uroš and was certainly correlated with the political and economic crisis, as well as the general decline in the quantity of precious metal in Europe.
Further currents of the monetary system were determined by the gradual dissolution of the Serbian Empire and the rule of independent local rulers. In spite of having been divided into several wholes, it ought to be stressed that monetary systems remained connected. The main trend of this period, as well as the previous one, until the creation of the Serbian despotate, was the continuous depreciation of the dinar, with smaller or larger interruptions.
A sharp increase in the price of this metal at the end of the 14th and the beginning of the 15th century brought about a search for new mines and their opening. In this period new mines were opened in Serbia, and the old ones considerably increased their production. The decline in the production of silver in Europe was partially halted by the influx of new quantities of this metal, most probably originating from Balkans.
The monetary reform of the Despot Stefan Lazarević, carried out after 1402, in which the weight of dinar, that is, its value, considerably increased, should be viewed in this light. Other measures undertaken by the Despot were aimed at the preservation of revenue. With the aim of preserving the monetary system, in 1421 the Despot Stefan Lazarević forbade the export of silver and gold to the Ragusa’s.
In spite of the significant production of silver, negative trends of monetary currents were also felt in Serbia, primarily as the consequence of the political crisis, the incursion of the Turks and the loss of territories. With the fall of Smederevo in 1459, the Serbian medieval state ceased to exist.
One year prior to this, Serbian coinage, for two centuries representing one of the most important monetary markets in the Balkans, ended with the coinage of the Despot Lazar Branković. Numerous types of coins which marked this development testify to the political strength and economic power of Serbian kings, emperors, feudal lords, towns and despots. They left behind them coins, frequently as the only source, behind whose shine the still unexplored world is hidden.
From book “Serbian medieval coinage” of Vujadin Ivanišević
The first Serbian coins of King Radoslav and the renewed coinage in the time of King Dragutin rested on the monetary systems of their respective epochs: the coins of King Radoslav on the Byzantine monetary system, and the one of King Dragutin on the Venetian system, representing the main monetary unit on these territories. With the passage of time, money of account developed on the basis of the perpero with the value of 12 grossi. During the entire period, the monetary system was under constant pressure for numerous reasons, such as the devaluation of the dinar for financing a budget deficit, an increasing demand for coins, payments in coins, etc. it was also influenced by external factors mirrored in the disappearance of silver from circulation and its outflow, the general trend of the deterioration of coins, fluctuation between the prices of gold and silver, etc. An important role was certainly played by non-monetary factors, which primarily include: diminishing of territories, the problem of population density, climate conditions, plague, prices, trade decline, reconversion of trade – decline in the export of one article and its replacement by a new, more perfect one, and many others. Due to numerous pressures, the value of Serbian coins from the beginning of their minting in 1276 to the beginning of the 15th century constantly declined with lesser or larger oscillations; from theoretical 2.178 g it was reduced to only 0.40 g. On the other hand, this mutation of the dinar was followed by the gradual decline in the monetary stock. This process began in the time of the Emperor Uroš and was certainly correlated with the political and economic crisis, as well as the general decline in the quantity of precious metal in Europe.
Further currents of the monetary system were determined by the gradual dissolution of the Serbian Empire and the rule of independent local rulers. In spite of having been divided into several wholes, it ought to be stressed that monetary systems remained connected. The main trend of this period, as well as the previous one, until the creation of the Serbian despotate, was the continuous depreciation of the dinar, with smaller or larger interruptions.
A sharp increase in the price of this metal at the end of the 14th and the beginning of the 15th century brought about a search for new mines and their opening. In this period new mines were opened in Serbia, and the old ones considerably increased their production. The decline in the production of silver in Europe was partially halted by the influx of new quantities of this metal, most probably originating from Balkans.
The monetary reform of the Despot Stefan Lazarević, carried out after 1402, in which the weight of dinar, that is, its value, considerably increased, should be viewed in this light. Other measures undertaken by the Despot were aimed at the preservation of revenue. With the aim of preserving the monetary system, in 1421 the Despot Stefan Lazarević forbade the export of silver and gold to the Ragusa’s.
In spite of the significant production of silver, negative trends of monetary currents were also felt in Serbia, primarily as the consequence of the political crisis, the incursion of the Turks and the loss of territories. With the fall of Smederevo in 1459, the Serbian medieval state ceased to exist.
One year prior to this, Serbian coinage, for two centuries representing one of the most important monetary markets in the Balkans, ended with the coinage of the Despot Lazar Branković. Numerous types of coins which marked this development testify to the political strength and economic power of Serbian kings, emperors, feudal lords, towns and despots. They left behind them coins, frequently as the only source, behind whose shine the still unexplored world is hidden.
From book “Serbian medieval coinage” of Vujadin Ivanišević
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